Friday, May 16, 2014

2014 Experian Study: Credit Scores Tend To Drive What Consumers Buy


Lexus RX350 owners tend to have an average credit score of 775.

Top 5 Models
Average Vantage (Credit)Score
Lexus
RX350
775
Acura
RDX
765
Subaru
Outback
762
Acura
MDX
761
Subaru
Forester
755
Bottom 5
Models
Nissan
Versa
657
Kia
Rio
656
Chrysler
200
651
Kia
Forte
650
Dodge
Avenger
619


Its no secret that for those financing a vehicle, one's credit score tends to determine what consumers drive and buy. A recently released study from Experian, the Atlanta-based credit reporting agency, revealed there is a direct correlation between the average credit scores and the vehicles consumers buy. Consumers with highest on average credit scores top five new-vehicle purchases in 2013 were the Lexus RX350, the Acura RDX, the Subaru Outback, the Acura MDX and the Subaru Forester. In most cases, this should also equate to lower interest rates, too, which in term means lower monthly payments.


On the other hand, those with the lowest credit scores tend to drive the Nissan Versa, the Kia Rio, the Chrysler 200,the Kia Forte and the Dodge Avenger. And, as we all know, lower credit scores typically mean higher interest rates, which equates to higher monthly payments, too. 

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